Head of English school Apax Leaders arrested for fraud

By Staff reporters   March 25, 2024 | 07:22 pm PT
Nguyen Ngoc Thuy, chairman of education corporation Egroup that owns English language school Apax Leaders, was arrested Monday over allegations of committing fraud to appropriate properties.

Thuy was arrested after months of police's investigation into his business, the Ministry of Public Security said.

The ministry's Department for Corruption, Smuggling and Economic Crimes had received petitions from many investors accusing Thuy of committing fraud via share transfer at Egroup.

Dang Van Hien, head of the Shareholders Relations Department at EGame Investment and Distribution JSC, another subsidiary of Egroup, was also arrested.

Police are expanding investigation.

Nguyen Ngoc Thuy, board chairman of Apax Holdings and Apax Leaders, at a police station. Photo courtesy of the Ministry of Public Security

Nguyen Ngoc Thuy, board chairman of Egroup, at a police station. Photo courtesy of the Ministry of Public Security

Thuy, 41, is an investor who became popular through the investment reality show Shark Tank Vietnam.

Police in Ho Chi Minh City earlier also received hundreds of complaints from parents accusing Apax Leaders of "appropriating tuition fees."

Apax, licensed in 2016, used to have 120 centers nationwide with approximately 120,000 students, according to its website.

In 2020 and 2021 it closed many of its centers but has not refunded the tuition fees to many students.

The city Department of Education and Training said in a report earlier this month that Apax Leaders owes nearly VND94 billion (US$3.81 million) in tuition fees it has to refund in HCMC alone.

The school also owes VND11.5 billion in salaries to teachers and staff and VND9 billion in rents.

Data from the Vietnam Social Insurance and the HCMC Tax Department shows Apax Leaders owed over VND32 billion in insurance premiums for employees and VND15 billion in taxes as of last year.

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